Having vendors or third-party service providers is a necessary part of your business in order to operate and provide the services and/or products to your customers. How you manage those vendors is up to you and your leadership team, but these 4 Reasons are only a sampling of the many reasons your business should have a vendor management solution in place.

1. Increased Efficiency:

How many vendors do you manage? 10-20-50-70+? If you don’t have a process and program in place to manage a multitude of vendors, how can you possibly keep up with them? Here are some questions to think about related to efficiency in managing your vendors:

• When does their contract renew?
• When does their insurance certificate expire?
• When do you need to conduct an annual due diligence review to assess the risk they pose on your organization?
• Have their services changed that increases or decreases risk?
• Have your services or processes changed that increase or decrease risk?

2. Vendor Visibility

To effectively reduce supplier risks, whether in terms of operations, unforeseen cost implications, or regulatory compliance, you need increased visibility. Vendor management can track your suppliers and provide the data you need to identify supplier risks so you can take the necessary steps to mitigate them, or choose an alternative vendor. You can easily verify supplier information, such as qualifications and certifications, track performance, and even look into the supplier’s financials to get a broader picture of their risk level in order to protect your organization.

3. Reduce Costs

When you have increased visibility, you can see invisible costs that you can then better control in order to save on costs. Additionally, having strong relationships with your suppliers, due to effective procedures and processes with a vendor management solution. VMS can help you to negotiate better rates and have access to discounts and incentives that can increase your profit margin.

4. Risk Management

Vendors provide value in the expertise and experience they offer; however, organizations must still maintain active oversight. It is important to remember that when a vendor performs a service or function, the institution bears ultimate responsibility for compliance. Because varying levels of risk remain with the institution that offers the product or service, a strong vendor risk management program is key to maintaining compliance and avoiding claims of improper service levels to customers.

VMS Software – Vendor Management Solution is a discipline that enables businesses to not only cut costs but also: control expenses, drive service excellence and mitigate risks…while gaining increased visibility and value from their vendors. Through LIMITLESS’s on-line software overall vendor management, as well as – vendor expense management, is accomplished by giving you absolute visibility into your vendors and spend. No matter what the vendor or type of service they provide – companies can have a comprehensive view into their: services, contracts, rates, terms, conditions and spends through this sophisticated web-based solution.

If you have questions about any of our VMS benefits contact us today at 866-504-4050 to learn more about our Vendor Management Solutions.

Contract management or Asset /Inventory Control is the management of contracts made with customers, vendors, partners, or employees. Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution. It can be summarized as the process of efficiently managing contracts and analysis for the purpose of maximizing financial and operational performance and minimizing risk. Contract management is a powerful tool because of the contract insights that can be understood through reporting. A good contract management solution brings tremendous insights on tangible metrics and provides insight that can help you make educated decisions and take beneficial actions.

For companies with extensive equipment, hardware and machinery, contract management through a centralized software is gaining tremendous awareness because it can save businesses as much as 20 percent annually. These savings can be found in the reduction of both contract costs and time efficiencies allowing employees to focus on more strategic projects and responsibilities. The key advantage of a strong contract management strategy is consolidation. For IT teams, this means consolidating all of your machines and warranties into one primary location, where you quickly gain a comprehensive view of your inventory; manage warranty exit dates, additions and removals; and monitor service levels.

Increased regulatory requirements are also driving organizations to address current service contract management practices.

The primary benefits of adding a contract management strategy are as follows:

Reduce Administrative Overhead
With a centralized log of your hardware assets and contracts, time spent sifting through contracts by internal IT teams and management is heavily reduced, in turn giving management the opportunity to allocate resources elsewhere.

Long-Term Discounts
Companies in good standing with vendors can earn additional discounts.

Immediate Cost Savings
By taking unused systems, phone, machines and any other equipment that is no longer being used off of outdated contracts and warranties and placing only active ones on contracts, businesses see an immediate savings on monthly and annual fees, as well as service fees and productivity losses associated with “unused” hardware.

Central Visibility
Know exactly what is happening with your contracts at all times, monitor timely equipment and contractual data and gain an accurate picture of your assets, all via a centralized dashboard.

Direct Vendor Communication
Fully managed software means you have an expert between your company and the vendor, saving time internally and ensuring that communication is efficient and accurate.

The five benefits above clearly show how important proper management of your service contracts will increase efficiencies, improve your relationships with the service provider and drive cost savings throughout your organization. An added benefit is that you now have a greater vision into spending trends which allows you to budget and forecast more accurately for future investments.

Run a more cost-effective and efficient way to manage your service contracts with LIMITLESS Vendor Management Solutions. Our software will not only house every contract, service agreement, warranty or renewal agreement, but we will also manage negotiations for better rates and terms saving your business from unnecessary fees and costs while maintaining quality standards.

If you have questions regarding how to manage vendor contracts/agreements or would like more information regarding our fully managed vendor management solution contact LIMITLESS at (866) 504-4050 or email us at info@limitlesstechnology.com.